Crude oil prices remained settled at $89.68 today. That was down $-0.35 or -0.39%. The high today reached $90.83. THe low was at $89.03.
Russia lifted some export bans, but restrictions on gasoline and high-quality diesel persist. Chevron plans to increase its oil output in Venezuela to 200k BPD by early 2024.
Technically, looking at the hourly chart, the price action today was above and below the near-converged 100 and 200-hour moving averages (blue and green lines on the chart below).
The 100 hour moving average is currently at $90. The 200-hour moving average is currently at $90.10. Those moving averages will define the short-term bias. Staying more bearish. Moving above is more bullish.
Moreover, the price is trading in between trendlines on the top and bottom side as the price consolidates since peaking on September 19.
On the downside the next target is at:
- Trend line at $89.03
- Swing area between $88.07 and $88.37
On the topside, move above the 100/200 hour MAs and the
- Trend line at $90.76
- High from September 22 at $91.25
Crude oil trade in a range